part 8.pptx
Post on 03-Apr-2018
222 Views
Preview:
TRANSCRIPT
-
7/28/2019 part 8.pptx
1/9
MARY JOY P. JUNIO, CPA
Notre Dame of Midsayap College
Midsayap, Cotabato
-
7/28/2019 part 8.pptx
2/9
means the pertinent itemsof gross income, less thedeductions and/or basic
personal and additionalexemptions, and specialdeductions, if any,authorized for such types ofincome by the NIRC orother special laws.
-
7/28/2019 part 8.pptx
3/9
Compensation income xxLess: Personal exemptions xx
Health insurance paid xx xx
Net taxable compensation xxBusiness income xxLess: Business expenses allowed xxNet Business income xx
Add: Capital gains xxPassive income without xx xx
Total taxable income xx
-
7/28/2019 part 8.pptx
4/9
Is based on his/hernet taxable income.The income tax rate tobe used is the normal
income tax rate asprovided by Section24(A) of the NIRC.
-
7/28/2019 part 8.pptx
5/9
Mr. Cruz Mrs. CruzCompensation income P300,000 P180,000
Withholding taxes 34,000 24,500
Rent income of P120,000 is derived from thecouples conjugal property. Mr. and Mrs.Cruz have 4 qualified dependent children.
-
7/28/2019 part 8.pptx
6/9
Mr. Cruz Mrs. CruzCompensation income P300,000 P180,000Less: Personal exemptions
Basic 50,000 50,000Additional 100,000 -Taxable compensation 150,000 130,000Add: Rent Income 60,000 60,000
OSD (40%) (24,000) (24,000)Total taxable income P186,000 P166,000
-
7/28/2019 part 8.pptx
7/9
Mr. Cruz Mrs. CruzIncome tax on P140,000 P 22,500 P 22,500Income tax on excess (25%)
Mr. Cruz 11,500Mrs. Cruz 6,500Income tax due 34,000 29,000Less: Withholding tax 34,000 24,500
Income tax payable P-0- P 4,500
-
7/28/2019 part 8.pptx
8/9
Interest, prizes,
royalties, etc.Cash or propertydividends
-
7/28/2019 part 8.pptx
9/9
Are imposed on
sales or exchangesof properties notused in business.
top related